Zurich Insurance Group has acquired AIG’s global personal travel business, including Travel Guard, for US$600 million and potential earn-out payments.
With the acquisition, zurich We are one of the world’s largest travel insurance companies, serving more than 20 million customers and working with more than 200 distribution partners.
It will also expand Zurich’s presence in the US$20 billion global travel insurance market, particularly strengthening its position in the United States.
AIG’s former travel business has been merged with Zurich’s Covermore Group under the new Zurich Covermore brand.
The combined organization will be headquartered in the United States and led by CEO David Fike.
Despite the new branding, subsidiaries such as Travel Guard, Travelex Insurance, Cover-More Travel Insurance, Blue Insurance and Universal Assistance will maintain their existing names in the local market.
The transaction impacted Zurich’s Swiss Solvency Test (SST) ratio by 5 percentage points, but all necessary regulatory approvals were secured.
“This acquisition significantly strengthens our travel insurance capabilities and expands our global footprint.
By welcoming Travel Guard to Zurich Covermore, we aim to offer our customers around the world unparalleled service and protection beyond traditional travel insurance and assistance. ”
Carla Morton, CEO of Zurich Global Ventures, said:
Featured image credit: Edited from freepic
